A source familiar with ongoing negotiations said, "Kellogg is keen to diversify beyond its core breakfast cereal category and enter the ethnic snacks & sweets segment and has initiated talks to invest a 'significant' amount in the Delhi & Nagpur arms of Haldiram's. Deutsche Bank is advising Haldiram's on this proposed transaction."

Another source added, "Haldiram's wants to scale up their domestic business & also improve global presence. The proposed transaction is limited only to the packaged products business of Haldiram's and the restaurant business is not part of the ongoing talks."

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